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Organization, Basis of Presentation, and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Feb. 24, 2019
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands):
| February 24, 2019 |  | May 27, 2018 |  | February 25, 2018 |  | May 29, 2017
Cash and cash equivalents | $ | 1,722 |  |  | $ | 2,899 |  |  | $ | 7,660 |  |  | $ | 5,998 |
Restricted cash | 385 |  |  | 325 |  |  | 325 |  |  | 325 |
Cash, discontinued operations | — |  |  | (8 | ) |  | (10 | ) |  | (589 | )
Cash, cash equivalents and restricted cash | $ | 2,107 |  |  | $ | 3,216 |  |  | $ | 7,975 |  |  | $ | 5,734 |
Schedule of Inventory, Current | Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consist of the following (in thousands):
| February 24, 2019 |  | May 27, 2018
Raw materials | $ | 18,821 |  |  | $ | 15,286 |
Work in progress | 3,385 |  |  | 3,672 |
Finished goods | 22,021 |  |  | 12,861 |
Total | $ | 44,227 |  |  | $ | 31,819 |
Comprehensive Income (Loss) | The components of AOCI, net of tax, are as follows (in thousands):
| AOCI
Accumulated OCI, net, as of May 27, 2018 | $ | 1,148 |
Unrealized losses on interest rate swap contracts, net of tax effect | (608 | )
Amounts reclassified from OCI | — |
Accumulated OCI, net, as of February 24, 2019 | $ | 540 |
Schedule of Effect of Significant Unobservable Inputs for Contingent Liability | In determining the fair value of the Company’s contingent consideration liability, the Company utilizes the following significant unobservable inputs in the discounted cash flow models:
| At February 24, 2019 |  | At May 27, 2018
Cost of debt | 5.1% to 5.5% |  | 4.7% to 5.2%
Market price of risk adjustment | 14% |  | 20%
EBITDA volatility | 28% |  | 25%
Sensitivity Analysis | The discounted cash flow valuation model used by the Company has the following sensitivity to changes in inputs and assumptions (in thousands):
| Impact on value of Contingent consideration liability as of February 24, 2019
10% increase in EBITDA forecast | $ | 100 |
Schedule of Effect of Significant Unobservable Inputs for Investment | In determining the fair value of the investment in Windset, the Company utilizes the following significant unobservable inputs in the discounted cash flow models:
| At February 24, 2019 |  | At May 27, 2018
Revenue growth rates | 6% |  | 6%
Expense growth rates | 6% |  | 6%
Income tax rates | 15% |  | 15%
Discount rates | 12% |  | 12%
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | The discounted cash flow valuation model used by the Company has the following sensitivity to changes in inputs and assumptions (in thousands):
| Impact on value of investment in Windset as of February 24, 2019
10% increase in revenue growth rates | $ | 10,000 |
10% increase in expense growth rates | $ | (9,300 | )
10% increase in income tax rates | $ | (500 | )
10% increase in discount rates | $ | (3,700 | )
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands):
| Fair Value at February 24, 2019 |  | Fair Value at May 27, 2018
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Interest rate swap contracts | $ | — |  |  | $ | 992 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,529 |  |  | $ | — |
Investment in non-public company | — |  |  | — |  |  | 68,100 |  |  | — |  |  | — |  |  | 66,500 |
Total assets | $ | — |  |  | $ | 992 |  |  | $ | 68,100 |  |  | $ | — |  |  | $ | 1,529 |  |  | $ | 66,500 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts | — |  |  | 259 |  |  | — |  |  | — |  |  | — |  |  | — |
Contingent consideration liability | — |  |  | — |  |  | 500 |  |  | — |  |  | — |  |  | 4,000 |
Total liabilities | $ | — |  |  | $ | 259 |  |  | $ | 500 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,000 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reflects the fair value roll forward reconciliation of Level 3 assets and liabilities measured at fair value for the nine months ended February 24, 2019 (in thousands):
| Windset Investment |  | Contingent Consideration Liability
Balance as of May 27, 2018 | $ | 66,500 |  |  | $ | 4,000 |
Fair value change | 1,600 |  |  | (3,500 | )
Balance as of February 24, 2019 | $ | 68,100 |  |  | $ | 500 |
Disaggregation of Revenue | The following tables disaggregate segment revenue by major product lines (in thousands):
| Three Months Ended |  | Nine Months Ended
Curation Foods: | February 24, 2019 |  | February 25, 2018 |  | February 24, 2019 |  | February 25, 2018
Salads | $ | 49,387 |  |  | $ | 48,492 |  |  | $ | 140,417 |  |  | $ | 135,118 |
Core vegetables | 68,070 |  |  | 72,256 |  |  | 195,203 |  |  | 193,805 |
Emerging brands | 14,527 |  |  | 1,202 |  |  | 17,882 |  |  | 4,992 |
Total | $ | 131,984 |  |  | $ | 121,950 |  |  | $ | 353,502 |  |  | $ | 333,915 |
| Three Months Ended |  | Nine Months Ended
Lifecore: | February 24, 2019 |  | February 25, 2018 |  | February 24, 2019 |  | February 25, 2018
Aseptic | $ | 7,432 |  |  | $ | 7,600 |  |  | $ | 21,326 |  |  | $ | 22,218 |
Fermentation | 11,451 |  |  | 12,175 |  |  | 16,436 |  |  | 17,830 |
Development services | 4,820 |  |  | 3,184 |  |  | 14,003 |  |  | 9,188 |
Total | $ | 23,703 |  |  | $ | 22,959 |  |  | $ | 51,765 |  |  | $ | 49,236 |

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